Karachi: The KSE-100 index of the Pakistan Stock Exchange exhibited volatility, closing the session at 118,537, a drop of 39 points from the previous day. Trading volumes were recorded at 609 million shares, a decline from 684 million shares in the prior session.
The index is anticipated to trade within a range, facing resistance between 119,460 and 120,070. A breakthrough above this range could target the all-time high of 120,797. Conversely, any downward movement may find support at the 50-day moving average, currently standing at 115,218.
Market indicators showed mixed signals, with the Stochastic Oscillator indicating improvement while the Relative Strength Index displayed weakness. This combination offers no clear trading outlook, prompting analysts to advise caution and suggest that investors wait for market dips before making decisions.
In specific stock strategies, PSO is advised with a 'buy on dips' strategy, targeting Rs388.11 and Rs397.02, with a stop-loss set at Rs376.21. Similarly, ATRL closed above the 30-day moving average, and the recommended strategy is to 'buy on dips', targeting Rs602.16 and Rs620.00, with a stop-loss at Rs550.00.
These strategic insights are provided by JS Global, aiming to guide investors through the current market conditions.